Nifty Metals Index hits fresh high; MOIL, Tata Steel, SAIL lead the sectorial gains

2 Jan 2023 , 10:27 AM

On Monday, metal companies started the first trading session of 2023 on a positive note, driven by broad-based buying in major stocks. The sector is in focus ahead of its monthly production data.

However, according to to experts, the market seems to witness volatile trend amid fragile global cues.

On the Nifty index, 14 scrips advanced and a scrip declined.

At around 10:30AM, Nifty Metal was trading at 18,167.05 up by 61.75 points or 0.34%. The index has touched fresh record high at 6,850.25 points.

MOIL emerged as the top bull, surging over 4% followed by Tata Steel and JSL contributed the sector soaring over 3.5% each followed by SAIL, Hindalco, Jindal Steel, Vedanta and NALCO gaining over 2-2.7%.

Stocks like Hindustan Copper, Welspun Corp climbed over 1.7% each to support the sector while JSW Steel, APL Apollo and Ratnamani Metals jumped marginally. However, heavyweight Adani Enterprises dropped by 0.25% being the only laggard on the index.

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